1833. West Haven Bank & Trust Company (West Haven, CT)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
trust company
Start Date
December 23, 1931
Location
West Haven, Connecticut (41.271, -72.947)

Metadata

Model
gpt-5-mini
Short Digest
b5a61700

Response Measures

Full suspension, Books examined

Other: State banking commissioner/Controller took charge; 90-day notice for savings withdrawals mentioned.

Description

Newspapers report heavy withdrawals (a run) tied to failures of nearby banks (Hamden, Broadway) and subsequent closing on/around Dec 24, 1931. The banking commissioner/board closed the institution; months later (May 1932) the closed bank was handling small deposit payments, consistent with a suspension that led to permanent closure/receivership. Classified as run -> suspension -> closure.

Events (3)

1. December 23, 1931 Run
Cause
Local Banks
Cause Details
Heavy withdrawals triggered by failures/distress of other local banks (Hamden Bank & Trust and the Broadway Bank & Trust) and resulting public unrest
Measures
Directors considered selling securities at depressed prices; attempted to conserve assets and treat depositors equitably (later the board/commissioner closed the bank)
Newspaper Excerpt
Heavy withdrawals of cash...caused the suspension; the failure of the Broadway Bank and Trust caused great deal unrest and withdrawals from the West Haven
Source
newspapers
2. December 24, 1931 Suspension
Cause
Government Action
Cause Details
Board of directors and state banking authorities closed/suspended the bank to conserve assets after heavy withdrawals
Newspaper Excerpt
The West Haven Bank & Trust Company...remained closed today...closing the West Haven Bank Trust company by the banking commissioner
Source
newspapers
3. May 11, 1932 Other
Newspaper Excerpt
Shut West Haven Bank May Pay $25 Deposits...proposed plan would affect 4500 representing deposits about ... under $25 filed in Court today by the West Haven Bank & Trust proposed to facilitate plan and would affect 4500 representing deposits about ... (May 11, 1932).
Source
newspapers

Newspaper Articles (7)

Article from The Waterbury Democrat, December 24, 1931

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West Haven Bank and Trust company became so heavy that the directors realized they would be obliged, in order to meet the situation, to throw such securities as they had upon the market at prices far below ordinary values. They also realized that they would not be treating all their depositors equitably if they allowed some of them to withdraw their money while the more loyal depositors left their funds in the bank, and, with these considerations in mind, there semeed to be left only one course to follow. "We have now reached a very serious condition of affairs for which the public is, to a large extent, responsible. Many people have apparently failed to realize the fact that the banks do not carry their deposits in the form of cash in their vaults. Deposits made with the banks are invested in high grade securities, in loans and first mortgages or in loans to big houses or on personal security. To compel the banks at this time to call loans that have been made on real estate, or which have been made to manufactures or business men for use in ordinary conduct of their business, might in some cases, create undue hardship among the owners of homes, might compel manufacturers to close their factories and business men to close their shops, all of which would throw many people out of employment and create a far greater amount of financial distress and personal suffering than we can at the moment realize. "If on the other hand the public will realize that the management of the banks is in the hands of men who are keenly alive to the situation and who are using every possible effort to keep the machinery of the banks in running order, a situation almost approaching panic conditions will be averted. "The banks are now doing everything humanely possible and the


Article from Brooklyn Eagle, December 24, 1931

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5 Small Banks Fail to Open Waterbury. Conn., Dec. 24 (AP)Kazemekas & Co., private bankers here since 1908. and capitalized at $100,000. failed to open today. The Merchants Trust Company, which suspended yesterday. was its depository. This, together with heavy withdrawals yesterday caused the suspension, officials said. The bank has deposits of about $300,000 Application for receivers for the Merchants Trust Company and for Sandits & Trauris, private bankers. who didn't open yesterday, was to be made today. Penna. Bank Closed Cornwells State Bank at Cornwells Heights. north of Philadelphia, closed its doors today and announced the business had been turned over to the State Banking Department. A notice posted on the door said the officers decided on the move because of heavy withdrawals and to protect depositors. Ocean Grove National Ocean Grove, N. J., Dec. 24-The Ocean Grove National Bank here suspended at noon. notice posted on the door of the bank announced that the bank had been closed by action of the board of directors to conserve its assets and that the Controller of the Currency would take charge. The bank has resources of $2,263,622 and deposits of $1,975,649. according to its statements on the last bank call day. Jersey Closing Bradley Beach, N. Dec. 24The First National Bank of Bradley Beach closed today in the face of heavy withdrawals. It had opened for business as usual in spite of the fact that heavy withdrawals were made yesterday. When it appeared that the withdrawals were continue the board of directors decided to suspend and turn the bank over to the Controller of the Currency to conserve its assets The First National is the sixth bank to close in Monmouth County within three days. Connecticut Bank Closed New Haven. Conn., Dec. 24 (AP)-The West Haven Bank & Trust Company, with deposits of about $2,700,000, remained closed today The institution was combination of the former West Haven Bank Trust Company and the Home Bank & Trust Company, which merged last April with a capital $100,000. The State Manual listed savings deposits of $1,875,375.38. commercial deposits of undivided profits of $47,777.94 and surplus of $30,770.67. Real Estate Exchange Lincoln BANKRUPTCY PETITIONS SLIPPER COMPANY. 320 and 384 Knickarbocker Ave.: involuntary. Liabilities alKings Highway: involuntary. Liabilities LOUIS LONSTEIN as BESSEL BABY CARRIAGE STORE, 339 Broadway: involuntary. Liabilities alleged. $1,277. NUGENT SHOE COMPANY INC., 77 Hall St.; involuntary. Liabilities alleged. EZRA HODOS as HODOS DEPARTMENT STORE. 140-20 Rockaway Boulevard. South Ozone Park: voluntary Lis. bilities about $7,000: assets. about $3,000. LOUIS HOLLANDER, grocer. 81-91 Bay 22d St.: voluntary. $115 MORRIS KAUFMAN, 6516 Bay Parkway: voluntary. Liabilities, $2. NELSON SPRINGER reporter. 30-01 39th Ave., Long City: voluntary Liabilities, $1,143; assets, $200.


Article from The Journal, December 24, 1931

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Plea For Public To Hold Faith In Banks And Bankers Made By George J. Bassett State Commissioner in Asks For Statement Cooperation PUBLIC BLAMES Heavy Withdrawals of Cash, Unnecessarily, Causes Trouble the faith banks and bankers was voiced today George Bassett. state banking in asking for coperation in averting more serious conditions "The banks are doing everything humanly possible, Bassett said, "and the state of Con necticut through banking partment in close touch with the now time for the public Bassett declared the public large extent for bank closings because many depositors failed realize that keep all their resources in cash. Mr. Bassett's Statement His statement follows: closing the West Haven Bank Trust company by the banking commissioner the quest the directors of the bank would probably have been unnecessary had been for heavy drawals that were being made result the closing yesterday morning of the Broadway Bank and Trust company "The West Haven Bank and Trust company had been in very satisfactory position which would have enabled meet any with drawals even greatly in excess of ordinary requirements. "When the Hamden Bank and Trust company failed open there very heavy West Haven. but the bank had plenty cash failure of the Broadway Bank and Trust however, has caused great deal unrest among and the from the West Haven and Trust became that the directors realized that they would be obliged order meet the situation they had on the market at prices far below ordinary values. "They realized that they would not be treating all their positors equitably allowed withdraw their money while the more loyal depositors left their funds the bank and with these conditions mind there seemed course left for them only one follow. Public Responsible have reached very serilous condition affairs for which the public to large extent responsible. Many people have parently failed the their deposits in the form of cash in their vaults. Deposits made with banks are vested high grade loans and first or in loans our business houses personal securities. To banks at this time loans that have made on real estate or which


Article from The Journal, December 24, 1931

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WEST HAVEN & TRUST Other Institutions to Enforce Withdrawal Notice New Haven. Dec. 24. West Haven Bank and Trust pany with deposits about 000 remained closed today The institution was combination former West Haven Bank and Trust company and the Home Bank Trust company hich merged last April with capital The state manual savings deposits commercial deposits of undivided profits $47,and surplus of Meanwhile heavy withdrawals other banks the New resulted ruling by the Haven house that must be the day statutory notice for the withdrawal of savings deposits. Walter Hodgkinson the West Haven institution and George Leete Peck. chairman board. The Hamden Bank and Trust company closed last week and the Broadway Bank and Trust company, depository many students, closed yesterday Other institutions throughout the city ported heavy withdrawals Officials both institutions have savings depositors would suffer no loss and others but The West Haven Bank and Trust company now exists by merger the West Haven Bank and Trust pany Home Bank and Trust The name of the company former was retained the bankhouse the Home bank taken its business. official announcement made Walter Hodgkinson, the Home bank George Leete president the West Haven was that the combined the two assets approximately statement by bank officials recent heavy made it to close in order assets and protect depositors. No statement was made relative to the possibility of reopenUnder the terms of the clearing house Savings deposits not to exceed $100 per will be permitted depositors necessities without the 90-day notice Waterbury, Dec. mekas and bankhere since 1908, and failed open this morning. The Trust yesterday was its and this together run the bank yesterday will be the Superior court bank will be named receiver for Sanditz Traurig, private who closed because the Merchants Trust its will be asked today Merchants Trust company directors will meet this afternoon to reorganization.


Article from Brooklyn Eagle, December 24, 1931

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Trend Curb Stocks; Trade Quiet CURB EXCHANGE 2:45 P. M. TICKER PRICES See Later Edition for Closing Net 5 Small Banks Curb Bonds High Low Stock share Kirby Pet Kolster DOMESTIC Fail to Open BONDS $1,000 High 37 Lackaw See Alabama 81% 12% Aluminum 25% Lefcourt Kazemekas & Cc., private bankers LoneStGas Am Com 19% 18% here since 1908, and capitalized at 112% Fairly Steady but Net $100,000. failed to open today. High Low Stock share lots High Ticker De- 70 Tendency 43. The Merchants Trust Company, 1% Inv which suspended yesterday. was its Inv in Later Prices 3% Allegheny depository. This, together with MapesCM 3% Allied Mills Mass Exchange heavy withdrawals yesterday caused Curb 224 48 Co. the Aluminum Mavis again today in Am the suspension officials said The British MeadJohn Pow&Lt of the ismajority bank has deposits of about $300,000. Capital approximately 38% AmCP&L 20 Application for receivers for the eased off of AmCP Chain Company Merchants Trust Company and for Aluminum AmComA been constant has Cyana Sanditz & Traurig, private bankers. up around held Equities who didn't open yesterday, was to &Traction Light opening be made today from the Founders Louisiana & Amer 70. losing Penna. Bank Closed at from opened previous sale. Philadelphia, Dec. 24 (P)-The Marcibo Refining Company Fuel& Nat Cornwells State Bank at Cornwells 45%. Ford Mo- Invest around AmStaPS Heights. north of Philadelphia, did numerous fraction as NatP&L including Associated closed its doors today and anCities Service, 3% nounced the business had been NatSecInv AmU&G Share, Gulf turned' over to the State Banking & NatShTrm 8% Appalachian International Petrole- NatSugNJ Department. A notice posted on the Cities Utilities, Niagara Transit door said the officers decided on the 10 Arcturus and United Bradfd Pennroad 6% move because of heavy withdrawals Nat Gas American Cyanamid Arundel and to protect depositors fraction over the previous AssoElInd American Superpower 23% AsG&E M Ocean Grove National 24% 10 AsG&E Electric NiaHPw AssoG&E Ocean Grove, Dec. 24-The International SeNiaHPw AsLaund Ocean Grove National Bank here preferred registered Lobos Md suspended at noon notice posted points from the opening Sec on the the bank announced Standard Oil issues, Atlas Util 8% that the bank had been closed by the outstanding one AviaSecNEng Norden Cor action of the board directors to of nearly point conserve its assets and that the Conprice of yesterday Ind 19 Benef troller of the Currency would take Industries allotment BlissSEW charge The bank has resources of points, opening at Blue Ridge Ohio Copper $2,263,622 and deposits of $1,975,649. loss was recorded 38% 16 BlueRdg Brazil according to its statements on the May. Stern preferred, Brill tast bank call day Light & Power pre- PacG&E of 19% BufNEP 1.60 to around 40, show- Tin Corp Butler Bros. point from Jersey Closing Pandem Oil Bradley Beach. N Dec 24CAMCo Pantepec Gatineau 1-16 the Curb Exchange The First National Bank of Braddull. ParkeDav ley Beach closed today in the face % Canadian Mar. ParkrRusP heavy withdrawals. It had Carib Synd BANK CLOSED PenderGA opened for business usual in Carnat PennroadCp Dec. 23 (AP) The Celluloid spite of the fact that heavy with29% 29% PennP&L and Trust Company 13½ CenHG&E made yesterday When Phoenix near was CenPuSA it appeared that the withdrawals Mor St were continue the board of diby the State BankChain Stck St. statement by PitneyBP rectors decided to suspend and 20% Cities Ser bank said that turn the bank over to the Conthe 35% troller of the Currency to conserve the institution Colt Fire 22 its assets. The First National is withdrawals. Colum Prudential 256% 109 Comwith Ed the sixth bank to close in MonDec. The ComwhEd mouth County within three days. Trust Company here Pyrene today half an hour Connecticut Bank Closed 101 57% ConG&EB 3.60 was opened for busiConGEB 14% Raytheon New Haven. Conn. Dec. 24 (AP)108 taken over by the Reeves The West Haven Bank & Trust 17% of Banking and Reiter Fost Cons Retail Company. with deposits about the request of K. H. Thea Reliance 2,700,000. remained closed today. Cont Sh Reybarn president. 54% The institution was combinaRhodeIPS 2. tion of the, former West Haven 15 Cord Roan Roosevelt Bank & Trust Company and the 22 CorpSecC of governors of the Rossia Home Bank & Trust Company, Corroon Stock Exchange and the RyersonJT which merged last April with a 51% Curb Exchange have 15 Cosden capital $100,000. The State petitions of members 3% Creole Manual listed savings deposits of Regis Dec. 26. Cen Cr $1,875,375.38. commercial deposits Crown Crk Int. SeaboardUt undivided profits of Cuban Allied $47,777.94 and surplus of $30,770.67. Mex Selectd Ind Bank and Trust Dayton & Real Estate Exchange Sentry 44% Deere Shenan High. Sinkey Singer Aircraft Smith DixonJCru Penn Oil Sinkey, Dubilier Cond BANKRUPTCY PETITIONS Durant Mot Southern SOL DEITEL ORCHARD SHOE As 42d South SLIPPER COMPANY 320 and 384 Knick 24 Span who 25 erbocker Ave.: involuntary. Liabilities alSpiegel NatPw&L 5B 2030. Util Edison Br DEUTSCH OLANS. INC., grocers 1507 business Eisler El Kings Highway: involuntary. Liabilities Earle Stuart 108% EIB&S pf 56 Oh LOUIS LONSTEIN as BESSEL BABY last two ears CARRIAGE STORE 339 Broadway: invol has Niagara untary. Liabilities alleged, $1,277. Bro who will be the Stroock&Co Neisner NUGENT SHOE COMPANY, INC., 77 37% Share Stutz Mot Hall St.: involuntary. Liabilities alleged. Share SunrayO Nor 79% EmpG&F Swan HODOS EZRA HODOS EmpG&F New MENT STORE 140-20 Rockaway Boulevard. South Ozone Park: voluntary. LiaEurope Independ'c Evans Taggart Ind PeoGasL&C LOUIS HOLLANDER grocer. 81-91 Bay Tampa Technicolor 22d voluntary. Lincoln Tenn Metals Oil Am Shipyd Majestic Bay Parkway: voluntary. Liabilities, $2.Maryland Trans Mass FordMCan NELSON SPRINGER reporter, 30-01 Merch FordMLtd 39th Ave., Long Island City; voluntary. Tubize Foremost Foundtn Nat LEGAL NOTICES 12 Found Cor STATE OF NEW YORK, COUNTY OF do certify that 94 33 conduct GlobeUnd UdL&Pw 186 BroadGoldman Kings Gold UdPortoRico GorhmIn 10 that the real full names of true Verde persons the Dairy 180 Lenox Road GtA&P Dairy USElecPw facob 7337 Austin St., Forest Gulf Oil CHARLES LD. Stand HamiltonG Stand 40. this Hecla me appeared Helena Greenvald Hd and be known and the and they HumbleO duly to me that HydroElSe they JAMES McKENNA Huyler Corp Walker H Notary Hygrade th West Va File 1929) 90 Pw OF THE THE NEW WoolwthLtd .18 the free Wstchester Terr Ford, Eleanor Fin Lillian Gallagher D. see later for sales. Pub Va Srv Insul Inv 100 Isabell Kemp. Mary Bank Stocks Extras. Extras Extras. Eleanor Corrigan (Sister Mary Astor Blanche Pet. Cash share annually. sPayable Thomas Lavinia Securities Dealers Intercent last West 6'44 Genevieve when earned. no regular Int Pet r1/5th share Participating Tex 57% Send 4% Int Prod Corp. and Rights resides Lows previous close. Ex-Dividend Veronica Lafayette from net change. 991 New has preFOREIGN. of Collins & Aikman OHIO BANKS PAYING lately residing Produce Exchange Stocks BONDS Ticker $1,000 Collins & Aikman Corporation Officials of Ohio State Banking and Agr Sales New and subsidiaries report net profit for Department have concluded distriher be Basin Mont Mtg Bk the nine months ended Nov. 30. 1931, bution of the initial dividend totalMissouri therefore and each of you of $1,203,323. as compared with ing $11,500,000 to 137,000 depositors FinInd MtgBk hereby of four banks in Toledo which have Ger Mun $217,245 in the corresponding pe- held the Ger County Kings, on the day riod of 1930. After deducting pre- been closed four months. January in Guan&W Rys 5'58 why such not ferred dividends paid, amounting to Deutsch Tobe be Companies BOND OFFERINGS UP In testimony we caused $405,842, there remained $795,481 West TOTAL SALES New bond offerings during the Mendoza 7½ affixed Dealers available for common or $1.41 per Stock 9,420 George Albert common share, as compared with a past week totaled $48,000,000 against Parana our $19,020,000 in the preceding week the Borough deficit in the 1930 nine months. 21 INVESTORS EQUITY said and $9,897,000 in the same 1930 Gvt the day 1931 In a comparative statement of The Investors Equity Corporation week. earnings for the nine months ended Clerk of the Surrogate Court reports net income for the six Nov. 30, 1931 and 1930, operatmonths ended Nov. 30, 1931, was O. K. WILLIAMSON POST Saxon 21% ing profit of $1,908,068 was reported, $16,574 after expenses and taxes, The Interstate Commerce Comas against $1,196, 706 1930. Interest IN ORDER OF against $182,424 in the like period mission has authorized Frederick E. George gate earned amounted to $82,034, in comthe County notice parison to $44,752 last year. Deduct- Williamson to assume the position the Studeof 1930 Investments carried in the today the JOSEPHINE CORE ing $55,597 reservse for depreciation of director and president of the baker against balance sheet at adjusted cost of James (against in 1930) and $131,- New York Central Railroad and the the Stud they are required exhibit $11,482,070 had market or appraised Studebaker's subsidiary subscribers 000 reserve for taxes (against $15,- affiliate lines. place of Companies 000 in 1930), and inventory write-off value on Nov. 30 of $7,073,305. ling Cleary Studebaker and Pierce vice pr Arrow truckr. 261 Broadwa and City New or before the of $285,967 (against $592,747 in Since May 31, 1931, the company the truck corporation sales Securities GOLD FROM JAPAN manager Studebaker passenger cars. 1930, and adding $185,785 excess of has reacquired additional amounts The Yokohama Special Bank in- ENNIE WISWALL par value of preferred stock pur- of its own debentures to the extent MARRY SNOOK of $1,406,000 Series and $1,655,300 day shipped 30,000,000 yen in gold chased and held in Treasury over Please send check for and. it is understood. will ship 30. attorney cost (against $137,508 in 1930) re- Series B. making total of $4,349.more shortly to the United Eagle's Neediest Cases. reported 100 of both issues reacquired to sulted in net profit as Borough Manhattan York above.


Article from Omaha World-Herald, December 24, 1931

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Bank Suspensions. Asbury Park, N. J., Dec. 24 The Asbury Park and Ocean Grove bank, the largest in Monmouth county, failed today The First National bank Bradley Beach also failed Deposits of the Asbury Park Ocean Grove bank, as listed September 29 statement, were $9.951 New Haven, Conn. Dec 24 The West Haven Bank and Trust company, with deposits of about $2,700,000, remained closed today. Land Bank Bonds. Federal


Article from Hartford Courant, May 11, 1932

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Shut West Haven Bank May Pay $25 Deposits New May asking for under $25 filed Court today the Haven Bank, West Haven Bank Trust proposed to facilitate plan and would affect 4500 representing deposits about